Fire and ISR, the largest unauthorised foreign insurer (UFI) class, led the decline with new or renewed premiums invoiced down 27.3%, based on APRA data.
Life insurance growth remained subdued in H1, while health and non-motor business supported gains in the non-life sector amid sweeping regulatory changes.
The regulator has flagged widespread transparency shortcomings in car insurance renewals nearly a year after launching court proceedings against RACQ Insurance.